104578 Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(4). 

5Each capitalized term not otherwise defined 

herein has its respective meaning as set forth the 

Rules, By-Laws and Organization Certificate of DTC 

(the ‘‘Rules’’) available at www.dtcc.com/legal/ 

rules-and-procedures.aspx or the DTC 

ClaimConnectTM Service Guide, available at 

www.dtcc.com/-/media/Files/Downloads/legal/ 

service-guides/ClaimConnect.pdf. 

6ClaimConnect Guide, supra note 5. 

7For more information about ClaimConnect, see 

Securities Exchange Act Release No. 90481 (Nov. 

23, 2020), 85 FR 76640 (Nov. 30, 2020) (SR–DTC– 

2020–012). 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2024–30609 Filed 12–20–24; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101945; File No. SR–DTC– 

2024–012] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Update 

the ClaimConnectTM Service Guide 

December 17, 2024. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

5, 2024, The Depository Trust Company 

(‘‘DTC’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change as described 

in Items I, II and III below, which Items 

have been prepared by the clearing 

agency. DTC filed the proposed rule 

change pursuant to Section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(4) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change 5 consists of 

amendments to the DTC 

ClaimConnectTM Service Guide 

(‘‘ClaimConnect Guide’’) 6 to (i) enable 

ClaimConnect users (‘‘Users’’) to submit 

and affirm multiple claims at once (i.e., 

the ‘‘Claim Upload’’ function), and (ii) 

make clarifying, technical, and 

ministerial changes, as described in 

greater detail below. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

The proposed rule change will update 

the ClaimConnect Guide to (i) enable 

Users to submit and affirm multiple 

claims at once (i.e., the ‘‘Claim Upload’’ 

function), and (ii) make clarifying, 

technical, and ministerial changes, as 

more fully described below. 

Background 

ClaimConnect is a service available to 

all Participants. The service enables 

Participants to bilaterally match and 

settle cash claim transactions at DTC. 

With respect to ClaimConnect, a cash 

claim or cash claim transaction is a cash 

entitlement (i.e., a request for cash) from 

one Participant to another Participant. 

Typically, cash claims arise as a result 

of trading exceptions from a Corporate 

Action event, where a cash entitlement 

needs to be delivered from one holder 

to another. 

ClaimConnect is a validation and 

matching engine that continually 

monitors claims throughout their 

lifecycle in order to settle and close 

claims through DTC’s settlement 

process. This continuous processing 

allows for both the manual matching of 

claims (i.e., affirmation) by Users and 

systematic matching of two like claims 

by ClaimConnect based on the 

alignment of certain data elements (i.e., 

auto-matching).7

Proposed Rule Change 

Claim Processing via Claim Upload 

Currently, for a User to submit a claim 

via the ClaimConnect web application, 

the User must manually submit each 

claim individually. This individual, 

manual process can be arduous and 

time consuming for Participants who 

need to submit multiple claims. 

Therefore, pursuant to the proposed rule 

change, a function will be added to 

ClaimConnect (i.e., the ‘‘Claim Upload’’ 

function’’) to enable Users to submit and 

affirm multiple claims, at once, via the 

ClaimConnect web application located 

in the MyDTCC portal, by uploading a 

type of file specified in the 

ClaimConnect web application (e.g., a 

comma separated value file). 

Before a Claim Upload submission is 

processed, the system will perform a 

validation check to ensure all field 

values for each claim included are 

accurate. Claims that fail validation are 

flagged and rejected and will need to be 

corrected and resubmitted manually. 

Users will have the option to either 

reject all claims included in the 

uploaded file, even claims that passed 

validation, and upload a new file, or the 

User can continue with the claims that 

passed validation and then, separately, 

upload a new file containing only the 

claims that needed to be corrected. 

However, since Claim Upload does not 

offer an automated modification 

function, Users are only able to submit 

and affirm claims, and any 

modifications or cancellations of 

previously submitted claims must be 

made manually. 

In further support of the new Claim 

Upload function, the proposed rule 

change will (i) add a ‘‘Claim Upload’’ 

definition to mean ‘‘a claim-submission 

option, via the ClaimConnect web 

application in the MyDTCC portal, for 

Users to submit and affirm multiple 

claims at one time by uploading a type 

of file specified in the ClaimConnect 

web application,’’ (ii) explain that 

claims can be submitted and affirmed 

manually, either individually or in bulk 

via Claim Upload, and (iii) direct Users 

to the DTCC Learning Center page to 

obtain more information about Claim 

Upload. 

Technical and Clarifying Changes 

Additionally, the proposed rule 

change will make clarifying, technical, 

and ministerial changes to the 

ClaimConnect Guide to (i) update the 

copyright date, (ii) remove a broken 

URL address for the DTCC Learning 

Center, and (iii) clarify that certain 

references to the MyDTCC portal are, 

more specifically, references to the 

ClaimConnect web application in the 

portal. 

2. Statutory Basis 

Section 17A(b)(3)(F) of the Act 

requires that the rules of the clearing 

agency be designed, inter alia, to 

promote the prompt and accurate 

clearance and settlement of securities 


khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 104579 

8 15 U.S.C. 78q–1(b)(3)(F). 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f). 

11 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

transactions.8 DTC believes that the 

proposed rule change is consistent with 

the Section 17A(b)(3)(F) of the Act, as 

cited above. 

As described above, the proposed rule 

change will update the ClaimConnect 

Guide to (i) add the Claim Upload 

function and (ii) make clarifying, 

technical, and ministerial changes. 

Collectively, the proposed changes are 

intended to streamline and enhance 

claim processing related to trading 

exceptions from Corporate Action 

events associated with securities 

maintained by DTC by enabling easier 

submission and affirmation of multiple 

claims and ensuring the ClaimConnect 

Guide is clear, accurate, and current. By 

improving the claim management 

process for securities held at DTC for its 

Participants, DTC believes that the 

proposed rule change would help 

promote the prompt and accurate 

clearance and settlement of securities 

transactions, consistent with the 

requirements of the Act, in particular 

Section 17A(b)(3)(F) of the Act, cited 

above. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe that the 

proposed rule change will have any 

impact or impose any burden on 

competition because, as described 

above, the proposed rule change simply 

updates the ClaimConnect Guide to add 

the Claim Upload function and make 

clarifying, technical, and ministerial 

changes to better describe the service 

and ensure the Guide is current, none of 

which should have any competitive 

impact on Participants or their use of 

DTC services. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC has not received or solicited any 

written comments relating to this 

proposal. If any written comments are 

received, DTC will amend this filing to 

publicly file such comments as an 

Exhibit 2 to this filing, as required by 

Form 19b–4 and the General 

Instructions thereto. 

Persons submitting written comments 

are cautioned that, according to Section 

IV (Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

How to Submit Comments, available at 

www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions 

regarding the rule filing process or 

logistical questions regarding this filing 

should be directed to the Main Office of 

the Commission’s Division of Trading 

and Markets at tradingandmarkets@

sec.gov or 202–551–5777. 

DTC reserves the right to not respond 

to any comments received. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A) 9 of the Act and paragraph 

(f) 10 of Rule 19b–4 thereunder. At any 

time within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

DTC–2024–012 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to file 

number SR–DTC–2024–012. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of DTC 

and on DTCC’s website (dtcc.com/legal/ 

sec-rule-filings). Do not include 

personal identifiable information in 

submissions; you should submit only 

information that you wish to make 

available publicly. We may redact in 

part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to file number SR–DTC–2024–012 and 

should be submitted on or before 

January 13, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30529 Filed 12–20–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101946; File No. SR–DTC– 

2024–014] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Modify the 

Clearing Agency Operational Risk 

Management Framework 

December 17, 2024. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

11, 2024, The Depository Trust 

Company (‘‘DTC’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II and III 

below, which Items have been prepared 

by the clearing agency. DTC filed the 

proposed rule change pursuant to 


khammond on DSK9W7S144PROD with NOTICES